 "PNB scam: Bankers huddle to reconcile LoU claims and decide on liabilities")
Bankers on Saturday went into a huddle to reconcile claims after the Letters of Undertaking (LoUs) scam hit Punjab National Bank (PNB).
PNB has put the value of outstanding claims in the fraud involving billionaire jeweller Nirav Modi at over Rs 110 billion ($1.77 billion).
Bankers declined to speak about either the outcome or their future course of action after a two hour-long meeting held at State Bank of India’s head office in Nariman Point, a business district in South Mumbai. Executives of the Delhi-based PNB joined the meeting through video-conferencing.
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